BAKU, Azerbaijan, June 13. Central Bank of Azerbaijan (CBA) shared a complaint index on CTP (Compulsory Third Party) insurance based on activities of Azerbaijan's insurance companies from June 2022 through May 2023, Trend reports.
According to the CBA, the calculation of the insurance company's complaints index is made by dividing the insurer's market share of complaints by the market share of concluded contracts.
"The index below 1.0 indicates a high level of service and customer satisfaction with the service received while exceeding the 1.0 mark means a low level of service compared to other companies," said the statement.
Complaint index:
|
Insurance companies |
Index: |
|
AzInsurance JSC |
3.82 |
|
Ateshgah Insurance JSC |
3.53 |
|
Silk Way Insurance JSC |
2.16 |
|
Gunay Insurance JSC |
1.67 |
|
A-Group Insurance JSC |
1.6 |
|
Xalq Insurance JSC |
1.51 |
|
Ata Insurance JSC |
1.46 |
|
Baku Insurance JSC |
1.46 |
|
Azerbaijan Industrial Insurance JSC |
1.39 |
|
AzerInsurance JSC |
0.92 |
|
Mega Insurance JSC |
0.55 |
|
Qala Insurance JSC |
0.4 |
|
Pasha Insurance JSC |
0.17 |
|
Nakhchivan Insurance JSC |
- |
The CBA noted that, from September 11, 2022, the validity period of the license of AzInsurance JSC and, from January 24, 2023, of the license of Silk Way Insurance was limited based on a voluntary application by canceling the issued permit for the implementation of CTP.
Currently, since the legal force of the existing contracts on CTP remains, the company continues to regulate insurance cases under the current contracts.
For this reason, the calculation of the complaint index for companies will be carried out as long as the existing contracts remain in force.
The index for Nakhchivan Insurance JSC was calculated based on the complaints received regarding the insurance of vehicles registered in Azerbaijan's Nakhchivan Autonomous Republic.